Fair Practice Code

Last updated: 06 November 2024

  1. Objective
    • The purpose of this Fair Practice Code (“FPC”) is to ensure that Meghdoot Mercantile Pvt. Ltd. (“Meghdoot”) conducts its business fairly, transparently, and in compliance with applicable regulatory guidelines, including the Reserve Bank of India’s (RBI) Fair Practices Code for NBFCs. This policy outlines our commitment to transparency, integrity, and customer protection throughout all stages of our lending process.
  2. Scope
    • This FPC applies to all employees and representatives of Meghdoot involved in loan processing, underwriting, customer interactions, and collections. It also extends to our agents and third party partners who assist in providing services.
  3. Key Principles

    • a. Transparency in Loan Pricing and Terms:

      Meghdoot ensures that customers receive clear information regarding interest rates, fees, penalties, and other charges. Loan terms, including tenure, repayment schedules, and applicable charges, are communicated to customers in simple and understandable language before loan disbursement.

    • b. Fair and NonDiscriminatory Practices

      Meghdoot does not discriminate based on race, gender, religion, or caste. Loan applications are assessed solely on financial qualifications and creditworthiness.
      All loan assessments are conducted based on merit, maintaining a standardized and unbiased approach.

    • c. Privacy and Confidentiality

      Personal data collected from customers is handled in strict confidence, in line with our Data Privacy & Storage Policy. Meghdoot only shares customer data with third parties as required by law or with customer consent for legitimate business purposes.
  4. Communication Standards

    • a. Loan Application and Processing

      Meghdoot provides a transparent loan application process. Upon request, customers receive clear explanations of loan eligibility criteria, required documentation, processing fees, and timelines.
      Loan applications are processed promptly, and any delays or issues are communicated to the applicant at the earliest opportunity.

    • b. Loan Disbursement and Terms

      Before disbursement, Meghdoot provides a written copy of the loan agreement, highlighting key terms, including the interest rate, repayment schedule, and any associated fees. Borrowers are advised of their obligations and rights under the loan agreement.

    • c. Disclosure of Charges

      All charges, including interest, processing fees, late payment penalties, and foreclosure fees, are transparently communicated to the customer prior to loan agreement signing.
      Customers are informed that changes to interest rates or fees will be communicated in advance as per regulatory requirements.
  5. Collection Practices

    • a. Ethical Collection Practices

      Meghdoot’s collection agents are trained to conduct collections in a respectful and ethical manner. Customers are treated with dignity and respect at all times.
      The company adheres to RBI’s guidelines for collections, ensuring that collection activities are conducted within permissible hours and without harassment.

    • b. Grievance Redressal for Collections

      Customers with concerns about collections or repayment can contact Meghdoot’s Grievance Redressal Officer for assistance. All complaints are addressed promptly and fairly.
  6. Customer Grievance Redressal

    • a. Grievance Redressal Mechanism

      Meghdoot is committed to resolving all customer grievances fairly and transparently. A dedicated Grievance Redressal Officer (GRO) is appointed to address complaints. Contact details of the GRO are shared with all customers.
      All grievances are acknowledged within three working days and resolved within 30 days, in accordance with regulatory guidelines.

    • b. Escalation Procedure

      If a complaint is not resolved satisfactorily, customers can escalate their issue to senior management or contact the RBI Ombudsman as a final recourse.
  7. Confidentiality and Data Security
    • Meghdoot ensures the security and confidentiality of customer information, as specified in our Data Privacy & Storage Policy. Customer information is not shared with unauthorized parties, and access is restricted to personnel who need it to perform their roles.
  8. Policy Review and Updates
    • This Fair Practice Code is reviewed annually to ensure compliance with regulatory changes and best practices. Any amendments to this policy are communicated to employees, agents, and customers through appropriate channels.
  9. Contact Information
    • For any inquiries or complaints, customers may contact:
    • Grievance Redressal Officer
    • Meghdoot Mercantile Pvt. Ltd.
    • 2nd Floor, Above United Bank of India, Radhey Chambers, Near Merlin Jayshree Apartments, Mandi Gate Road, Pandri, Raipur (C.G.) 492004
    • Email: shreydahlan@meghdootmercantile.com
    • Phone: 9074700000

    This Fair Practice Code reflects Meghdoot Mercantile Pvt. Ltd.’s commitment to conducting business in a fair, ethical, and transparent manner to ensure a trustworthy relationship with our customers.